What "might" it be worth now......?

ShelleyC_2

A lovely 3 bedroom barn conversion I looked at in late 2007 but didn't proceed with is back on the market.

It ended up selling for £390,000 in Q1 2008. At that stage it was brand new (converted YKWIM!)

Its back on the market this month at £365,000 which I feel is too much, even though prices round here haven't fallen as much as some areas.

I've requested details and may organise a nosey to see if the occupants have done anything terrible to it in the last year

I'm still not convinced its the right time to buy but getting fed up of my rented flat and it is a house I could stay in for many years.

1984ReturnsForReal_2

What was it up for sale at in 2007?

amcluesent

>A lovely 3 bedroom barn conversion<

Law of supply and demand here. Very restrictive planning laws means that a good barn conversion with views, access etc. will always attract interest from peeps not needing mortgages etc.

Heyman_2

As with all houses it's worth however much someone is prepared to pay for it and how much the seller is willing to accept.

Have a nose around, get a feel for it and decide how much you'd be willing to pay in the current climate. If the seller accepts your offer then that's how much it's worth.

ShelleyC_2

1984ReturnsForReal wrote: »

What was it up for sale at in 2007?

£425,000

I know barn conversions do have this premium price thing. I'd thought low 300's myself but doubt they'll see that as good enough!

dopester

Is it this one?

Worth? Location, the way wages are going, opportunities in the area... £55K ?

PasturesNew

There are a few things at play here:
- it was new, now it's second hand
- there is a falling market
- you don't know how much they NEED to sell -v- WANT to
- barns are limited availability in some areas
- what was the quality of the conversion anyway

Difficult to put a price on it. We'd need to be RICS valuers with an intimate knowledge of your actual local marketplace.

How much is it worth to YOU?

pizzagirl

ShelleyC wrote: »

. I'd thought low 300's myself but doubt they'll see that as good enough!

It'll probably still be on the market in 18 months' time then.

ShelleyC_2

Nope!


Similar area though!

1984ReturnsForReal_2

Why not just put an offer in 10-15% less than you wanted it for in 2007?

Nothing to lose.

dopester

amcluesent wrote: »

>A lovely 3 bedroom barn conversion<

Law of supply and demand here. Very restrictive planning laws means that a good barn conversion with views, access etc. will always attract interest from peeps not needing mortgages etc.

Well I didn't know all this about the appeal of barn conversions for a big premium.

I do know there are lots of rural pretty properties about, and sellers chasing a lot less money in the market.

Maybe some of the people who aren't needing mortgages are actually the ones trying to sell now... to try and escape falling values and cash up?